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USD/KRW 1 Month Off Recent Highs, Finance Ministry Holding FX Meeting Today

KRW

1 month USD/KRW moved off recent highs, getting to 1313 late in NY trade before closing slightly higher near 1317. The slightly better equity tone helped won sentiment at the margins, along with softer USD indices. The 1 month NDF is wedged between the simple 100-day (1312.60) and 200-day (1319.70) MAs. Note onshore spot ended yesterday at 1323.10.

  • The Finance Ministry will hold a FX prudential committee meeting today. This comes after yesterday's meeting (held at 4pm local time) with exporters to discuss current market conditions from a supply and demand point.
  • The local data calendar is empty today,but we do get Feb trade figures tomorrow.
  • In the equity space, the lead for the Kospi is modestly better today. The SOX rose 0.55% for Monday's session, while the MSCI IT index firmed by 0.61%.
  • To recap, the Kospi shed 0.87% yesterday, with offshore investors selling -$239.7mn of local shares.

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